Variable rate mortgage

In addition to generally offering the lowest mortgage rate available, a variable rate mortgage could help you save in interest costs over the life of your mortgage.

A variable rate mortgage could save you thousands of dollars in interest costs

With an RBC Royal Bank Variable Rate Mortgage, your payment amount stays fixed for the term; however, the interest rate will fluctuate with any changes in our prime interest rate. If our prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs.

Our variable rate mortgage is convertible

A convertible mortgage can be converted to another term at any time. This feature provides you with security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.

Competitive interest rates

Variable rate mortgages typically offer a lower interest rate than fixed rate mortgages. As interest rates decline, you could pay off your mortgage faster and save money on reduced interest costs.

Fixed payments for the mortgage term

Your monthly payment remains fixed even if interest rates rise, as long as the amount is sufficient to cover the interest cost.

Payment options

HomeProtector® Mortgage Insurance

It allows you to not only safeguard yourself and your family's lifestyle, but also your assets and net worth.

Rates and terms

Below are current posted rates for open and closed variable rate mortgages:

5-year closed term special offer2
RBC Prime Rate
+ 0.000%
2.720% APR
5-year open term posted rate1
RBC Prime Rate
+ 1.550%
4.270% APR
Today's Royal Bank of Canada prime rate
RBC Prime Rate
2.700%
RBC Prime Rate
2.700%

Start your online mortgage pre-approval

Lock your rate and know exactly how much home you can afford. Start your pre-approval online and an RBC®
mortgage specialist will be in touch within 24 hours to help you complete your pre-approval application.

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